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The Independent Community Bankers of America would not rule out legal action if Congress doesn't address the National Credit Union Administration's recent decision expanding the low-income designation.

Rodney Hood, chairman of the National Credit Union Administration, will testify before the Senate Banking Committee about how the regulator and the industry have responded to the coronavirus pandemic.

A letter from Todd Harper, a member of the National Credit Union Administration board, called on lawmakers to make a variety of legislative changes to help credit unions and consumers weather the pandemic.

Bank trade groups from all 50 states have called on Congress not to lift restrictions on member business lending under the guise of aiding with coronavirus relief efforts.

Congress won’t be back to Washington for at least two weeks but credit unions already have a laundry list of requests for lawmakers to consider.

Legislation announced Wednesday would allow credit unions to make coronavirus relief loans to businesses without fear of bumping up against the member business lending cap.

Member business loans have been on a roller coaster over the last year and as the pandemic impacts the economy, executives will need to closely monitor these portfolios to catch any problematic credits.

Member business lending growth has fluctuated in recent years but growth overall is slowing even as balances continue to rise. The long run of success could prove to be a problem when the economy finally turns south.

A similar bill was introduced into the House earlier this year and both pieces of legislation have have bipartisan support.

The Unity, Maine-based institution, which should open in the fall, will provide member business loans and other products to local farmers.

There are opportunities to make loans for strip malls and regional distribution centers but executives need to put the right risk management in place.

William Mellin will serve as a lending institution representative on the task force, which will evaluate the evolution of the taxi medallion industry.

Credit unions often tout their member-friendly nature but recent coverage of how the movement handled taxi medallion loans could open the industry up to a reputational hit.

At a Senate Banking hearing focusing primarily on predatory lending practices, NCUA Chairman Rodney Hood offered insight into the agency's priorities under his leadership.

The bipartisan bill, praised by credit union trade groups, is the top 2019 legislative priority for the Defense Credit Union Council.

Credit unions in those two states also posted double-digit growth in total loans and recorded lower delinquency rates.

New data from the League of Southeastern Credit Unions sees CUs in the two states exceeding national averages in a number of growth metrics.

During the National Credit Union Administration's monthly meeting on Thursday, Chairman J. Mark McWatters noted that the agency was making progress on hiring more women and minorities.

The credit union stalwart purchased Mirador, which is heavily dependent on bank relationships. The challenge now is keeping those clients in the fold.

Organizers of the credit union believe there is a funding gap in the state for agriculture and want to fill the void.